The Jennings Group reacquired 3 million of its shares at $76 per share as treasury stock. Last year, for the first time, Jennings sold 2 million treasury shares at $77 per share.

By what amount will Jennings’ retained earnings decline if it now sells the remaining 1 million treasury shares at $73 per share? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).)

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Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

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